SHIB Burn: Over 179 Million SHIB Destroyed in the Past 24 Hours

Shiba Inu’s burn rate showed a significant increase in the past 24 hours. During this period, more than 179 million SHIB tokens have been removed from the memecoin’s circulating supply.

SHIB Burn Rate Spikes

Per data from the SHIB token tracker, Shibburn, a total of 179,900,407 Shiba Inu tokens have been sent to dead wallets in the past 24 hours alone. Interestingly, the number of burnt tokens is rising as more accounts continue to initiate burns. 

More so, a total of 10 transactions resulted in the figure above with the two largest burn volumes being 86,405,616 and 60,055,340 SHIB tokens. Overall, the burn rate in the last 24 hours rose to 36.80%, at the time of writing.

Accordingly, over 1.49 billion Shiba Inu tokens have been removed from circulation in the last 9 days. A recent report showed that the Shiba Inu (SHIB) community recently burned about 1.3 billion SHIB tokens in one week.

On the other hand, the accumulation of the memecoin continues to increase as Ethereum whales are taking advantage of the token’s discounted price. WhaleAlert revealed that the “SHIB token is back on top 10 purchased tokens among 1000 biggest Ethereum whales in the last 24 hours.”

Read Also: Did You Know that Shiba Inu Burned Coins Value Have Exceeded the Market Cap of MATIC?

Ultimately, Shiba Inu’s circulating supply continues to shrink as over 410.3 trillion tokens have been destroyed, according to Shibburn. Meanwhile, the tokens circulating supply is over 557.93 trillion while 31.7 trillion Shiba Inu tokens are staked as xSHIB.

At the time of writing, the popular memecoin saw a 2.06% price increase in the last 24 hours and it is currently trading for $0.00001051.